The groups argued market participants would be forced to forgo trading strategies and their ability to hedge against risks would be damaged.
Strategic Diversity, Inc. v. Alchemix Corp. (9th Cir.)
Plantiff Kenneth Weiss and his wholly-owned corporation Strategic Diversity, Inc. seeking recission of investment in Alchemix Corporation based on section 10(b) of the Securities and Exchange Act of 1934, fraud and other counts was required to demonstrate economic loss and the court remanded the case for determination of loss.
In re Level 3 Comm, Inc. - (10th Cir.)
Purchasers of securities of Level 3 Communications, a provider of telecommunications services, could not prove “scienter” element in allegations of securities fraud.
Okla. Firefighters Pension & Ret. Sys. v. Student Loan Corp. (S.D.N.Y.)
The Oklahoma Firefighters Pension & Retirement System has sued Student Loan Corp., its former parent, Citibank, and its current parent, Discover Financial Services, alleging they misled investors about Student Loan Corp.’s financial condition.
U.S. District Judge Jed Rakoff wrote that the complaints failed to describe with sufficient "particularity" the German bank's alleged fraud.
Richard Holwell, who leaves the federal judiciary to start a new law firm, called the case a "constant struggle" to manage the financial, individual and social implications.
The proposed settlement has U.S. banks paying up to $25 bln in exchange for resolving lawsuits over misconduct in servicing home loans and pursuing faulty foreclosures.
William Baer, nominated to run the Justice Department's antitrust division, could prove to be a better listener than his predecessors.
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